No Need to Rewrite Rules for DLT, says top UK Finance Watchdog
A top UK finance watchdog said today that it has no immediate plans to alter its regulatory approach in light of blockchain adoption.
By way of a new discussion paper, the Financial Conduct Authority (FCA) is seeking comments from industry stakeholders and observers in order to “explore where the balance of risk and opportunities may lie in relation to [distributed ledger technology]”.
The agency – which operates a so-called regulatory “sandbox” that includes a number of companies working with the tech – said in the paper, “At this stage we do not see a clear need to consider changes to our regulatory framework for DLT solutions to be implemented. Instead we want to explore emerging business models, and how their potential risks and opportunities operate in the context of our regulatory framework.”